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Old Line Bancshares, Inc. Reports $1.3 Million In Net Income Available To Common Stockholders, For The Three Months Ended March 31, 2013

1 st QUARTER 2013 HIGHLIGHTS

  • Net loans increased by $16.7 million, or 2.8%, since December 31, 2012.
  • Total deposits grew by $13.0 million, or 1.8%, since December 31, 2012.
  • Net income available to common stockholders was $1.3 million or $0.19 per basic share for the first quarter of 2013 as compared to $1.8 million, or $0.26 per basic share for the same period in 2012.
  • The first quarter Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.61% and 7.26%, respectively compared to ROAA and ROAE of 0.88% and 10.89%, respectively, for the first quarter of 2012.
  • The net interest margin for the first quarter of 2013 was 4.36% as compared to 4.51% for the same period in 2012.
  • Non-performing assets decreased to 0.94% of total assets at March 31, 2013 as compared to 1.31% at March 31, 2012 and 1.12% at December 31, 2012.
  • The ratio of the allowance for loan losses as a percent of gross loans was 0.66% at March 31, 2013.
  • We received all required regulatory approvals for our merger with WSB Holdings, Inc. (WSB) and we expect to complete the merger during the second quarter of 2013.

BOWIE, Md., April 30, 2013 (GLOBE NEWSWIRE) -- James W. Cornelsen, President & Chief Executive Officer of Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported that net income available to common stockholders decreased $470,000 to $1.3 million for the three months ended March 31, 2013, compared with $1.8 million for the three months ended March 31, 2012. Earnings were $0.19 per basic and diluted common share for the three months ended March 31, 2013 and $0.26 per basic and diluted common share for the same period in 2012.

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